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27-76-405. Expenditures for feasibility studies.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-76-405. Expenditures for feasibility studies.
(a) A regional mobility authority may pay the expenses of studying the cost and feasibility and any other expenses relating to the preparation and issuance of bonds for a proposed transportation project by:
(1) Using legally available revenue derived from an existing transportation project;
(2) Borrowing money, issuing bonds, or entering into a loan agreement payable out of legally available revenue anticipated to be derived from the operation of an existing transportation project;
(3) Pledging to the payment of the bonds or a loan agreement legally available revenue anticipated to be derived from the operation of a transportation project; or
(4) Pledging to the payment of the bonds or loan agreement legally available revenue to the regional mobility authority from another source.
(b) Money spent by a regional mobility authority under this section for a proposed transportation project may be reimbursed to the transportation project from which the money was spent from the proceeds of bonds issued for the acquisition and construction of the proposed transportation project.
(c) The use of any money of a transportation project to study the feasibility of another transportation project or used to repay any money used for that purpose does not constitute an operating expense of the transportation project producing the revenue and may be paid only from the surplus money of the transportation project as determined by the regional mobility authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-76-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:27-76-405
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 13c5b8c41c1472972be4741b1aef25d559041427bfb18cde1cb95cd094761b0e
Source location: content.xml paragraph 26019
Stored source content
27-76-405. Expenditures for feasibility studies.
(a) A regional mobility authority may pay the expenses of studying the cost and feasibility and any other expenses relating to the preparation and issuance of bonds for a proposed transportation project by:
(1) Using legally available revenue derived from an existing transportation project;
(2) Borrowing money, issuing bonds, or entering into a loan agreement payable out of legally available revenue anticipated to be derived from the operation of an existing transportation project;
(3) Pledging to the payment of the bonds or a loan agreement legally available revenue anticipated to be derived from the operation of a transportation project; or
(4) Pledging to the payment of the bonds or loan agreement legally available revenue to the regional mobility authority from another source.
(b) Money spent by a regional mobility authority under this section for a proposed transportation project may be reimbursed to the transportation project from which the money was spent from the proceeds of bonds issued for the acquisition and construction of the proposed transportation project.
(c) The use of any money of a transportation project to study the feasibility of another transportation project or used to repay any money used for that purpose does not constitute an operating expense of the transportation project producing the revenue and may be paid only from the surplus money of the transportation project as determined by the regional mobility authority.
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